Is Twitter B2B Pleasant? How Firms Are Reacting to Musk’s Twitter Takeover

On October 27, 2022, Elon Musk formally purchased Twitter for $44 billion, stepping up as the corporate’s new CEO. Whereas many individuals have been excited for the tech billionaire to rework their favourite social media platform for the higher, it looks like issues are going downhill quick, with Musk now saying he plans to step down (we’ll see).  As the times have passed by, increasingly more individuals are talking out towards the method that the brand new administration appears to be taking, and Twitter customers are leaving the platform in response — even some notable celebrities.

But, regardless of the antics and behind-the-scenes issues, Twitter utilization stays at an all-time excessive (if you believe Elon’s tweet): 

This has left many firms questioning if Twitter B2B advertising and marketing continues to be a viable technique for his or her enterprise. In spite of everything, Twitter adverts and posts have lengthy been a good way to unfold model consciousness, increase viewers engagement and drive visitors to your web site.

So what are the problems that firms ought to pay attention to, and is there a future in Twitter advertising and marketing? Let’s discover out.

The Present Issues Plaguing Twitter

Since Elon Musk initiated the acquisition of Twitter in April 2022, the information has been buzzing with tales concerning the social media platform. Whereas headlines would possibly forecast a fiery downfall, issues haven’t modified a lot for the typical Twitter consumer. However that doesn’t imply the issues on the firm aren’t actual. From Musk’s erratic conduct to the behind-the-scenes points, the current change in management has brought on concern for a lot of companies utilizing Twitter promoting of their social media advertising and marketing methods.

To get a greater understanding of how the social media community is struggling, let’s study the issues it’s at present going through: 

Worker Exodus

Certainly one of Musk’s first acts upon his Twitter takeover was to lay off around half of its staff, dropping the corporate from 7,500 staff down to simply 3,700 by the tip of October. In November, Musk despatched out a company-wide letter that requested employees to commit to longer, harder hours or leave. This transfer resulted in one other 1,000 to 1,200 folks resigning. 

A few of these layoffs and resignations included high C-level staff on the firm, spelling hassle for future management selections. Along with executives, Twitter additionally misplaced hundreds of staff that usually hold the platform operating easily. 

Free Speech and Misinformation

Elon Musk touts himself as a “free speech absolutist,” disagreeing with the follow of completely banning a Twitter account that repeatedly violates the foundations. In November, he even reinstated quite a few accounts that had beforehand been suspended. 

Whereas this isn’t essentially an issue in and of itself, the rhetoric utilized by a few of these banned accounts can have real-world penalties. In truth, current Twitter analytics revealed an uptick in slurs and hate speech within the Twitter group upon Musk’s takeover. And shortly after the acquisition, Musk himself even posted a tweet alluding to baseless conspiracies surrounding the assault on Paul Pelosi. Add this to Musk’s newer acts of banning high-profile journalists and it’s simple to see why individuals are casting doubt on his “free speech” dedication. 

Twitter Blue and Parody Tweets

In an effort to drive extra income and additional monetize energetic Twitter customers, Musk devised a month-to-month subscription plan that provides a blue checkmark to your Twitter profile and supplies early entry to new options. When Twitter Blue initially launched, it was met with lots of criticism. Many customers questioned why they’d pay $8 for a blue verify. In the meantime, organizations have been excited concerning the potential enterprise options.

Nevertheless, quickly after rolling out Twitter Blue, it turned a nightmare for B2B advertising and marketing. A development began the place folks would create a brand new Twitter deal with with the blue verify mark and pose as a good firm to publish humorous and typically offensive content material. Whereas lots of these jokes have been merely meant as humorous memes for the Twitter group to get pleasure from, a few of them brought on actual monetary harm. As an illustration, the pharmaceutical firm Eli Lilly had its stock fall by over 4{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} in a single day after a faux tweet introduced it was making insulin free:

And right here is the unique account’s apology over the incident:

Musk Stepping Down?

Following over a month of criticism and inner chaos within the firm, Elon Musk posted a poll asking customers if he ought to step down as head of Twitter. The ultimate outcomes indicated that over 57{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of individuals agreed he ought to resign. 

Later, Musk tweeted his intentions to depart as quickly as he discovered “someone foolish enough to take the job.” Whereas a lot of his Twitter followers voiced assist for his management, it looks like most individuals breathed a sigh of reduction.

Nevertheless, simply because Musk promised to step down doesn’t essentially imply the corporate is headed for higher days. Not solely will he need to discover a appropriate successor, however the remaining group must repair a few of these current points. Moreover, some imagine that Musk will merely find a new figurehead to function in a nominal capability whereas he runs the corporate within the background. This might imply continued complications for these in social media advertising and marketing.

Are Firms Fleeing Twitter?

Now that we all know the issues going through Twitter, the query stays: Are firms truly pulling out of this invaluable social media channel? 

Nicely, sure and no.

You may need seen headlines about Omnicom, a serious advert agency representing the likes of Apple and Johnson & Johnson, recommending their purchasers hit the pause button on Twitter ad spend. Along with these manufacturers, round half of Twitter’s top advertisers have been dormant because the takeover.

Nevertheless, it appears not each enterprise is on the identical web page. In truth, it seems to be like the typical B2B marketer doesn’t foresee any main adjustments to their Twitter technique. Whether or not it’s as a result of confidence that issues will work themselves out, or as a result of their B2B viewers continues to be energetic on Twitter, many firms are sustaining their social media presence on the platform.

So we requested B2B entrepreneurs how they felt about the way forward for Twitter advertising and marketing, and that is what they needed to say:

Politics Received’t Preserve Entrepreneurs Away

Politics on Twitter appear to be a high concern for a lot of customers. Musk describes himself as a “free-speech absolutist” and has repeatedly dedicated himself to defending freedom of expression on the platform. Some customers have interpreted this to imply he intends to roll again Twitter’s present conduct insurance policies and let hate speech run rampant.

Whereas greater than one-fifth of respondents in our survey stated they would depart Twitter for political causes, it appears most entrepreneurs are assured that any change in Twitter’s political dynamic received’t affect the advertising and marketing facet of the enterprise. Virtually 80{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of respondents stated they wouldn’t go away the platform for political causes.

Neither Will the Price of Doing Enterprise

After all, there are non-political causes for leaving Twitter, too. Certainly one of Musk’s high priorities is including new income streams to make Twitter worthwhile (the platform has solely run a revenue in 8 of the last 10 years, in line with The New York Occasions). The billionaire initially floated the opportunity of charging $20 for blue-check verification to assist increase funds, which later got here right down to $8 after a tiff with Stephen King.

That stated, most entrepreneurs usually are not notably involved by this replace. In keeping with our outcomes, 52.6{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of entrepreneurs are keen to pay $20 for Twitter verification (and we think about much more can be keen to pay $8). 

General, greater than 80{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of entrepreneurs in our survey intend to remain on Twitter, whereas simply 17.6{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} are planning to depart. Lastly, lower than 3{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of customers have truly made the swap to a brand new platform, an indication that a few of those that are at present contemplating leaving Twitter could find yourself staying in any case.

Do the Headlines Match Up With Actuality?

That is all per a broader view amongst entrepreneurs that life on Musk’s Twitter (or whomever he arms it off to) will principally be enterprise as standard. Whereas a lot of our survey respondents nonetheless advise taking a cautious method to the acquisition and monitoring any doable adjustments to the consumer expertise, it seems most of them aren’t going to be making any radical adjustments to their B2B advertising and marketing methods any time quickly. 

And to the query, “In case your B2B firm makes use of Twitter, how will Musk’s takeover affect your technique?”, nearly 74{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} of respondents stated they may hold utilizing Twitter the identical manner they did earlier than, whereas simply 8.8{79c2d5f4633b4a18cbb72669d3b9130a25e242070f7ddf547332a9c02c9386f7} plan to take their social media campaigns elsewhere.

There’s lots of noise on the market proper now surrounding Elon Musk and Twitter. However from the sound of it, most B2B firms aren’t anticipating any huge adjustments to Twitter’s advertising and marketing and promoting arm.

Editor’s Word: Up to date December 2022.